McCarthy Tétrault partner Randy Bauslaugh authors report on improving access to target benefit pension plans
Toronto, October 15, 2014 – McCarthy Tétrault is pleased to announce that Randy Bauslaugh, national head of the firm’s Pensions, Benefits and Executive Compensation Group, has authored the report Target Benefit Plans: Improving Access for Federally Regulated Employees. Published by C.D. Howe Institute, this report comments on how to kick-start target benefit pension plans (TBPs) for Federally Regulated Employees.
According to the report, despite having been available for decades in the form of multi-employer and negotiated cost plans, target benefit pension plans will continue to be resisted by federally regulated employers unless a fundamental legal flaw is fixed. There are many advantages to TBPs, but the report points out that in federally regulated industries, such as banks, airlines and telecommunications, there continues to be uncertainty over the pension standards regulator’s right to veto a plan administrator’s fiduciary decision to reduce benefits. This flaw puts in doubt the cost certainty that would otherwise make such plans attractive to federally regulated employers.
The full report can be accessed by visiting http://www.cdhowe.org/target-benefit-plans-improving-access-for-federally-regulated-employees/27751.
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